As a researcher with a background in cryptocurrency and blockchain analysis, I find the recent accumulation trend among Bitcoin whales to be quite intriguing. According to the latest data from IntoTheBlock, these large wallet holders have been quietly scooping up BTC despite the prevailing market sentiment of fear, uncertainty, and doubt (FUD).
Bitcoin whales are quietly scooping up BTC, according to the latest analysis by IntoTheBlock.
In recent times, there’s been a notable change in Bitcoin amassing tendencies. Specifically, there’s been an increase in net deposits to the biggest cryptocurrency wallets, contrasting the predominant bearish sentiment in the market.
Bitcoin Whales Increase Holdings By 7,130 BTC
In a single day, individuals holding at least 0.1% of the entire Bitcoin supply collectively added 7,130 Bitcoins to their holdings, equivalent to approximately $436 million in value.
The ITB data indicates that the flow of Bitcoin between large holders’ wallets hovered around zero during the past few weeks, signifying both inflows and outflows. However, there was a substantial increase in net deposits on June 24th when Bitcoin’s price momentarily dipped below $60,000.
As a financial analyst, I can tell you that large Bitcoin holders were able to capitalize on the recent market downturn by purchasing an additional 7,130 coins, resulting in their largest net inflows since late May.
During the market slump, the continuing increase in Bitcoin’s holding among major investors underscores their faith in its future pricing trend, despite current intense pressure on its price.
Bitcoin’s Local Bottom
As a crypto investor, I’ve been keeping a close eye on the market amidst ongoing fears of potential losses. However, recent data from CryptoQuant has given me reason to believe that local bottoms may have started forming for Bitcoin. After a correction of approximately 15% over the past three weeks, certain indicators suggest that we might be seeing the beginning of a recovery.
On Mondays correction, the trend became more evident, strengthening the hypothesis that our on-chain intelligence platform was accurate. For example, in the futures sector, open interest dropped by approximately $3 billion mainly from long liquidations. Furthermore, funding rates for perpetual contracts approached zero, indicating a market equilibrium with less extreme and more balanced pricing structures.
As a crypto investor with holdings in Bitcoin, I’ve noticed that the current market price has dropped below my initial investment cost, which averages around $62,600 per coin. This situation puts me and other short-term investors in a slightly negative position, profitability-wise. However, it’s essential to remember that historically, this level has acted as a support during local market corrections within broader uptrends. In simpler terms, previous Bitcoin price dips around $62,600 have been followed by bounces back up, potentially offering an opportunity for buying at a lower price and averting larger losses.
Multiple elements are shaping Bitcoin’s price fluctuations. These factors include the economic data from the United States, with investors closely monitoring developments related to American monetary policy, which can affect risk taking attitudes. Furthermore, significant data releases are scheduled for the upcoming week, such as GDP and initial jobless claims on Thursday, and inflation data (PCE) on Friday. All these events have the potential to influence market sentiment in the near term.
“However, the current structure suggests a possible local bottom.”
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2024-06-26 17:58